Auction Rules

1. The auction is organized by A10 by Artmark S.R.L («A10») and is conducted by one or more A10 representatives (auctioneers).

2. The art items (or collectibles) usually belong to consignors which choose to remain anonymous. Whether the consignors agree to the disclosure of their name, such shall be mentioned in the auction catalogue.

3. The consignors guarantee, by the documents they sign with A10, that they are the legal owner of the art items they consign for auction and/or they have the right to sell it. In addition, the consignor shall be contractually liable, directly to adjudicator in any situation that leads to subsequent dissolution of the sale, and shall indemnify it for the produced damage. The Consignor will do the best efforts to make available to A10 all the documents that legally confer the Consignor the juridical title on the consigned object.

4.1 A10 publishes the catalogue of the auction on its web page (www.artmark.ro), as well as in a printed form. The auction will include only the art items enumerated and briefly described within the catalogue. The pictures and texts with respect to the auction lots are indicative and not exhaustive, and represent an opinion of our experts and specialists. The auction catalogue will describe only signatures, hallmarks and inscriptions visible on the art object/collectible (will not mention the absence of a signature, apocryphal or incorrect signatures and hallmarks). 4.2. Some works of art / collectibles will be attributed, although the signature is missing. Attribution may be classified as possible or probable attribution. By possible attribution we will consider an educated guess, having a significant level of documentation that given the objective aspects that define the object (style, brushstroke, chromatic, subject, etc.) leads to potential disambiguation of the author; by probable attribution we will consider an educated guess, having a high degree of documentation and probability that, given the objective aspects that define the object (style, brushstroke, chromatic, subject, etc.) leads to identifying the most plausible author. 4.3 In the case of wristwatches, the diameter measurement is made and published, taking into account the crown dimension, in millimetres, also.

5.1. All items to be sold will be exhibited for viewing / inspecting in the exhibition preceding the auction. Buyers will have the opportunity at the exhibition or at the auction to clarify the condition and content of the objects and to verify that they have the same features according to the catalogue that mentions all the objects sold at that auction. They can inform about the characteristics / imperfections of the objects by themselves or request the assistance of a specialist to inspect the lot. A10 is not responsible for any hidden defects of the goods which were not specified by the buyer prior to the auction, whereas he had the opportunity to know them before. After the adjudication, A10 will not be responsible nor will be obliged to repair or put into use any item already sold. 5.2. In the case of wristwatches, A10 can offer, directly or through its partners, a warranty of proper functioning of the wristwatch put to auction and adjudicated. The warranty is mentioned in the catalogue, specific to each lot. The A10 warranty is valid from the date of adjudication onward. The warranty is valid as specified in the Auction Rules upon presenting the sale certificate issued by A10. Only the watch mechanism is covered by the warranty. The warranty does not cover: strap, bracelet, case, dial, crown. To avoid any possible confusion, we specify that the warranty does not cover the following situations: a) physical or mechanical defects such as: shocks, cracks, chippings, including the case in which they affect, post-auction, the proper functioning of the wristwatch, in all or certain situations; b) burnt or cracked components / parts, etc., including the case in which they affect, post-auction, the proper functioning of the wristwatch, in all or certain situations; c) using the wristwatch in inappropriate conditions, such as being subject to large variations in temperature and pressure, mechanical shocks, infiltrating liquids, metals or other substances; d) malfunctions due to improper handling and storage, including interaction with detergents, cosmetics or petrochemicals, storage in dusty environments, excessive moisture or corrosive agents, strong magnetic fields, keeping the worn battery inside the watch; e) non-compliance with the recommendations regarding waterproof maintenance or with the instructions of use; f) damage caused by age or normal wear and tear (eg scratching of the glass, alteration of colour or material of metal bracelets or straps - leather, textile, rubber, etc.); g) the life of the battery, quartz or other perishable components. The warranty of proper functioning, as well as any other warranty of authenticity issued by A10, does not include a warranty that all the component parts are original or that the watch is, from the perspective of its composition, complete at the moment of first purchase; throughout their lives, watches, especially the complex or vintage ones, undergo numerous revisions and repairs; thus, some watches may lack indicators, keys or other component parts, as some may be auctioned not in working order or partially not in working order (i.e. not all watch functions and options in working order). Unless the catalogue states that the adjudicated lot is not in working order (or partially not in working order), the warranty of proper functioning means that A10 will ensure, through its service partner, the service of the not working watch, including, where necessary, according to the service partner’s review, replacement of broken component parts. The warranty is void in the event that: a) the adjudicator personally tried to repair the watch or resorted to the service of another person; b) the adjudicator, directly or through other persons, made changes to the watch, including improvements of the appearance or performance of the watch. It is A10’s prerogative, directly or based on its service partner review, to determine such events as void. A10 provides a warranty of proper functioning for: a) the watches for which the catalogue mentions that they are, at the date of the auction, not in working order (especially the case of decorative watches); b) vintage watches (older than 40 years). Warranty claims are addressed to the relevant office within A10 (https://www.artmark.ro/en/departments/watches). At the moment of the present version of the Auction Rules, A10’s service partner is Horologium (https://horologivm.ro/), which does not exclude that A10 can and will refer to other service partners, temporary or specialized, for reasons appreciated by A10. The warranty claim suspends the duration of the warranty period; however, A10 does not insure a specific service period, including replacement of component parts not in working order, in particular, but not limited to, cases in which certain repairs must be performed abroad or component parts should be imported.

6. The locations and time schedules of the exhibitions of the lots will be announced on A10’s web page and within the auction catalogue. The auction catalogues are available with A10’s headquarters, on the exhibition location, on the auction location or by post.

7. The registration form must be filled in before (in case of online bidding), during or immediately after the auction (in the saleroom). The registration signifies the unconditioned acceptance of the terms and conditions of these auction rules. The same acceptance value will have the bidding, in person or by phone or by written offer (recorded in electronic correspondence or audio/ video recording), followed or not by adjudication. Should one bidder fail to submit or sign or fill in appropriately the registration form, without being able to justify not signing or filling the form for his benefit, he is nevertheless subject to the terms and conditions of the current auction rules. By registering/participating at auction, each bidder agrees with any means which A10 could use as awarding, including fact findings as provided by the law.

8. Participation at auction is signalled by raising the auction paddle, in person or online, showing the registration number of the participant in a certain auction, in reply to the price asked by the auctioneer. Might be accepted as valid any shouted bid which is for a value superior to the previously accepted price, if followed by explicit showing of the bidding paddle. When several participants indicate, in person, their will to bid for the asked price, the auctioneer shall choose among them and nominate one bidding paddle, preferably following the order in which the participants have raised their paddles (taking into account also the visibility of the manifestation of the will to bid). One who is under 18 years old is prohibited to participate to the auctions for rare or collectible wines or other alcoholic beverages, or to the auctions for collectible weapons and military accessories (« Militaria ») respectively.

9. The catalogue provides, usually, only for the evaluation of the market price of the lots (and not the starting price) in the case of art items, respectively for the starting price (and not for the evaluation of the market price) in the case of collectibles. Some collectibles (such as watches, bags, designer objects, collectible cars), alongside the starting price may have indicated a list price; this refers to the price at which other items of the limited edition can be found for sale at official artist / producer or second-hand shop on reference websites for that type of collectible. The lots are put on sale strictly following the order of the auction catalogue. The auctioneer announces the lot number and its starting price. The auctioneer has the supremacy to decide the starting price of each lot, including when starting prices are provided in the auction catalogue or when unsold lots are subjected again to auction at someone’s request. Particularly, for certain lots, A10 can stipulate a reserve price that may lead to a situation where those certain lots cannot be sold under the reserve price. No reserve price will be lower than the starting price, but it can exceed the low presale estimate stated in the catalogue. The reserve price is confidential at least until the moment the related lot is being auctioned. If during the bidding of the related lot, the participants’ bids stop at an amount lower than that of the reserve price, the auctioneer may disclose the reserve price; the auctioneer sovereignly decides whether or not to disclose the reserve price, taking into account the level of bidding intent and the bidding rhythm. If no participant offers the reserve price or a higher one, the lot will not be sold; however it can be reintroduced during the auction by a participant that offers at least the reserve price.

10. The lot is adjudicated to the participant offering the highest price. The lot is adjudicated when both of the following conditions are fulfilled: the auctioneer says “sold” and hits the auction hammer. The highest offer represents irrevocable offer to buy within the terms and conditions of the present auction rules. The price of the irrevocable offer to buy represents owed due and payable debt.

11. No lot can be sold under the starting price, during or after the auction. An unsold lot may be put again to sale, when a participant requires so during the auction.

12. The auctioneer may decide to eliminate from the auction any lot, even if exhibited and illustrated in the auction catalogue, for reasons to be considered by the parties in a fair connection with the sound and diligent course of the auction.

13. Whether a lot is not adjudicated during the auction, it will be returned to its consignor in accordance with the certificate of consignment. An unsold lot may be privately sold, in the following 5 days (10 days in the case of collectible cars) after the auction but prior to its return to the consignor, for a value equal to or higher than the minimum of the evaluation interval provided in the auction catalogue, in the case of art items, respectively a value equal to or higher than 125% of the provided starting price, in the case of collectibles (to which the sale tax will be added – which varies depending of the buyer’s status in relation to A10 – see articles 16 and 18).

14. Someone may participate to the auction when absent as well, either a) by an absentee bid (an absentee bid form is available online or at the reception desk), b) by phone, based on a telephone bid form (or, in the case of an auction in duplex with the Romanian location, online), intermediated by A10’s personnel, or c) using Artmark Live®. Where more absentee bidders formulate bids for the same lot at the same (maximum) price, in principle the first received absentee bid will take priority. General order of priority is: explicit offers manifested in the saleroom, then the absentee bids (bids online, by phone and the absentee written bids).

15. A State’s representative may participate to the auction, to exercise the State’s preemption right, in equal conditions, while the representative of may participate as well, the latter being located at sight, in front of the saleroom. The State representative or the representative of a public museum holds the bidding paddle numbered 1, while A10 holds paddle number 2.

16. To the hammer price, A10 will add the total sale tax (includes VAT and all other taxes due on the transaction in Romania). In the case of fine art, according to the law, an art stamp tax of 0.5% is added distinctively, while, in the case of decorative art and jewellery containing gems, the House applies an additional tax of gemological certification of 0.5%, no less then 7,5 euros.

17. The calling and adjudicating price are told in euro. A10 will announce, before the auction starts, the conventional exchange rate EUR/USD – RON, used by A10 for the current auction. If and when A10 does not make public a conventional exchange rate, the National Bank of Romania exchange rate, official for the adjudication date, becomes applicable.

18. The total sale tax represents 20% of the hammer price. A10 members, holding an Artmark membership card, benefit of a reduction of the tax to 18%. In the case of collectible cars the sale tax is 14%, to which VAT is added.

19. The adjudicated lot must be paid by the buyer a week after the adjudication (except the case when the buyer is a “classic” or “elite” A10 member). The payment is made in RON by Romanian residents and in EURO or USD by non-residents. The payments can be done: a) cash at the House cashier, b) by wire transfer (account holder « A10 by Artmark s.r.l.», Fiscal Identification number RO40284718, accounts: RO21 UGBI 0000 82200 3986RON (RON), RO87UGBI0000822004003EUR (EUR), RO87UGBI0000822004002USD (USD) (USD), SWIFT: UGBIROBU, Garanti Bank Romania), as well as c) by bank card (are accepted only cards issued under Mastercard and Visa are accepted).

20. The lot can be collected as soon as the invoiced amount is fully received(in term of 2 days from payment date in the case of collectible cars). Payment may be done in cash or by bank card, during the auction at the auction location, as well as after the auction at the A10 headquarters. When payment is made by bank transfer, the invoice can be collected during the auction from the auction location, or, after the auction, it can be collected from the A10 headquarters or it can be transmitted by fax.

21. Whether the price is not paid in due term, A10 may choose: a) to request the buyer to pay the hammer price and the sale tax, plus a penalty of 1% of the amount due per day of delay, respectively b) to retain, on account of the receivable, in order to be put for sale, art objects or collectibles belonging to the buyer, found in the possession of A10, respectively the amounts obtained from their sale, respectively c) to terminate the contract altogether with imposing on the adjudicator who refuses to pay, for a different reason than stipulated by art. 27, the payment of the double of the total auction tax.

22. The transfer of the ownership takes place at the moment of the transfer of possession of the adjudicated lot from A10 to the buyer or to the transporter (whichever the case may be), subject to payment in full by the buyer of the invoiced amount. Take-over and transportation of the lot is under the buyer’s risk. It is the buyer’s duty to take-over and collect the lot within two weeks from the reception of payment by A10, from the headquarters of A10. A10 provides nationwide transportation of the lot free of charge when: a) at least one of the adjudicated lots has a size that makes it undeliverable by car or b) the value of the adjudicated lots exceeds, without the sale tax, the equivalent in lei of EUR 25,000. In the case of collectible cars, the transfer of ownership takes place at the moment of payment by the buyer of the invoiced amount, but not prior to the completion by the consignor of the formalities for registration clearance of the vehicle with the authorities in charge. The transfer of the possession of the collectible car will be done by handing over the keys of the vehicle. The transfer of the possession of the collectible car and the handing in of the documents necessary for the buyer to register and fiscally declare the vehicle will be done by A10 in 5 working days from the payment date of the invoiced amount by the buyer. For fire arms (historical, collectibles, panoply or hunting fire arms), transfer of ownership takes place the moment the buyer pays the invoiced amounts, subject to the buyer making proof of the documents (authorization, permit, certificate) the law request for the legal possession of such fire arms.

23. Given the physical constraints of A10’s own deposit, the buyer authorizes A10 to transfer the lots that have not been collected by the buyer in term of one month in the case of residents, respectively 45 days in the case of non-residents, from the date of the auction, on the account and on behalf of the buyer, to an external deposit. Starting one month from the date of the auction, A10 seizes its patrimonial responsibility towards the buyer for the integrity of the adjudicated lot. At collection of the works, the buyer pays the transportation cost to the external deposit and the share of the rental fee for the deposit, agreed upon by the parties as equal to the equivalent of 10% of the adjudication price/ month. In case the buyer does not collect the adjudicated works in term of 6 months from the date of external depositing, A10 has the right to offer (once again) the work for sale to recover its transportation, depositary and whatever other adjacent costs. In the case of collectible cars, it is the buyer’s duty to take-over the vehicle in course of one week from the date of payment. After the term of one week, the buyer authorizes A10 to transfer the collectible car, on the account and on behalf of the buyer, to an external deposit. Starting one week from the date of the auction, A10 seizes its patrimonial responsibility towards the buyer for the integrity of the adjudicated lot. At collection of the good, the buyer pays the transportation cost to the external deposit and the share of the rental fee for the deposit, agreed upon by the parties as equal to the equivalent of 10% of the adjudication price/ month. In case the buyer does not collect the adjudicated car in term of 6 months from the date of external depositing, A10 has the right to offer (once again) the car for sale to recover its transportation, depositary and whatever other adjacent costs as a result of the termination of the contract.

24. In case certain lots offered for sale are classified as Romanian National Patrimony, the thesaurus category (lots marked in the catalogue with “T”; whereas lots classified as national patrimony, the fund category, are marked in the catalogue with “F”), the Ministry of Culture has been notified on the offer for sale of the respective lots. In case the Ministry of Culture has chosen to exercise its pre-emption right prior to the auction date, if the auction price is below or equal to the price offered by the Ministry of Culture, the lot is to be attributed to the Ministry of Culture in light of the right of preference it enjoys. If the Ministry of Culture did not exercise its pre-emption right prior to the auction date, the auction takes place under the condition that the Ministry does not exercise its pre-emption right during the legal timeframe. If, despite the adjudication and transfer of possession, the Ministry of Culture chooses to exercise its pre-emption right, in the legal timeframe, by offer of an amount equal to the one offered/paid by the buyer (the invoiced amount, excluding the A10 sale tax), the auction will not be effective, the ownership of the lot is transferred to the Ministry of Culture, at the time and subject to the Ministry of Culture paying in full the invoiced amounts. The same provisions apply accordingly in the case of a pre-emption right exercised by the State’s representatives, other than the Ministry of Culture (such as the National Archives), where the term for the exercise of pre-emption is 60 days, and notification incumbent to the depositor, even if it can be represented in this matter by A10; in this situation, the offer for sale by public auction shall not be effective until the time of exercise of the pre-emption/ the negation of the pre-emption / the expiry of the period stipulated by the special law. Hence, when bidding for a lot classified as treasury of the national cultural heritage, for which the preemption term given to the Ministry of Culture or the National Archives has not expired at the time of the lot’s bidding, and they have not submitted within the legal deadline the negation of the preemption right, the total purchase price does not represent the hammer price, ownership transferred by auction, but the firm purchase offer, obtained through competitive tender of a private, reliable and committed tenderer, to which the preemption right should relate to, a value that the institution empowered by the state has the legally possibility to equate (without paying any of the commissions charged by A10 Auction House).

25.1. The buyers are informed that the acquisition of lots marked with the symbol “C” must legally be communicated to the Ministry of Culture because at the date of the auction they undergo an evaluation for classification in one of the categories of national movable cultural patrimony (fund or thesaurus), accompanied, in the case of classification, by the legal obligations in force, inclusive the pre-emption right of the state. Additionally, the buyers are informed that the acquisition of the lots which are classified as national patrimony (fund or thesaurus) must legally be communicated to the Ministry of Culture. 25.2 Some lots are exhibited and sold being under temporary import - or come from the European Union and benefit from free circulation, as duly regulated by European legislation. When these lots are of particular importance and meet the classification score from the perspective of the National Cultural Heritage legislation, they will be marked with the symbol "IC". In the event of adjudication and transfer of ownership to a Romanian resident, therefore of finalizing the import or, as the case may be, of keeping the lot coming from the European Union on Romanian territory, the Ministry of Culture will be notified for classification and the lot will follow the same regime as a lot marked with the "C" symbol.

26. A10 GUARANTEES TO THE BUYER THE AUTHENTICITY OF THE ART ITEM SOLD DURING THE AUCTION, for which it issues a sale certificate, the accompanying document imposed to all cultural operators by the Government Decision no. 1420/2003 for the approval of the Norms regarding the trade of movable cultural goods, to which it adds a special clause which states A10’s guarantee with respect to the authenticity of the adjudicated lot, specifying the name of the A10’s internal or external expert, which has authenticated the lot. This guarantee clause imposes to A10 the obligation to guarantee the authenticity of the lot, without limits of time and without needing any other legal form or undertakings. A10 does not issue by default a descriptive expertise report, lacking both the frame and the legal ability to do so, this activity being strictly reserved, by law, to the experts – phisical persons authorized by the Ministry of Culture, each on his own area of expertise, further attested by practice and acknowledged, each one specifically, by the professional community. A10 can nevertheless intermediate, on behalf of the buyer interested in a thorough study of the qualities of the acquired lot, the procurement, on the buyer’s own cost, of such technical and stylistic expertise report. Likewise, when the auction catalogue states the fact that an expert, specialized in the work of a certain artist, has confirmed its authenticity, it implies that A10 (by means of its Art History Research Department and/or by means of its Experts Committee) has procured, by way of written or verbal correspondence, a bona-fidae confirmation of the authenticity of the lot, by the expert whom the professional community recognizes as leader scholar in the work of a particular artist, without again implying that A10 would deliver a written technical and stylistic expertise report to the buyer, describing and demonstrating etc. the authenticity of the lot. Nevertheless A10’s responsibility towards the authenticity of the lot stays fully, materially and financially wise.

27. The buyer may contest the authenticity of the art item by a written motivated contestation, accompanied by a written opinion issued by an art expert authorized in accordance with the Romanian laws, generally recognized by the professional community for his competence with respect to the artwork of the artist whose paternity is under question mark and enjoying a generally accepted good reputation. A10 has the right to commit, within three months after receiving the contestation, a counter-expertise produced by an expert enjoying the same level of competence and reputation. To avoid any attempt of fraud, A10 marks all the delivered lots with an element of security (a stamp with an alphanumeric code, which cannot be reproduced and is self-destructive if one tries to disengage it), a second copy of the stamp acting as evidence.

28. The sale of the art objects (or collectibles) is governed by the Romanian law. The buyer of an art item will be issued a sale certificate, as provided by the Annex 6 of the Government Decision 1420/2003 for the approval of the norms regarding the movable cultural goods trade. With respect to the wines or other alcoholic beverages auction, A10 guarantees for the vintage and the authenticity of the collectible alcoholic beverages put for sale, issuing to the buyer a sale certificate, as well as, if available, the conformity certificate of the wine producer.

29. A10 reserves the right to publish images and descriptions of the art items (or collectibles) which it sold, in any materials (documentary, journalistic, scientific or for promotional purposes).

30. A10 may request for the person causing damage to one of the items put for sale, during the exhibition or during the auction process, to cover the damage by acquiring the lot and paying a price equivalent to the maximum limit of the estimated value of the lot as provided in the auction catalogue, in the case of art items, respectively equivalent to the double of the provided starting price, in the case of collectibles.

31. A10 informs the buyers that the export from Romania, no matter the way, of movable cultural goods without obtaining a temporary or permanent export license by the Romanian authorities, represents an illegal export operation. If the buyer wishes to export the purchased art item (if not restricted by law – as are lots marked with symbol “F” or “T” – or by the seller’s condition as per art. 24), the buyer may contract, in order to obtain the export license, the agency of A10. The fee for this service is Euro 150+VAT, save for eventual other taxes or costs asked by the issuer of the export license.

32. Likewise, A10 informs the buyers, residents of a state which is not member of the customs territory of the European Union, that the transfer (definitive import) to their states of residence, according to the law governing in each particular case, may be subject to import duties (custom duties, VAT and/or excise duties etc.), in accordance with the cases provided by the laws and if the buyer does not obtain an exception from these duties.

33. According to the law (Law 182/2000 and Government Decision 518/2004), the contemporary cultural goods can be exported permanently or temporarily without an export license, if attesting to the customs that the respective goods were created by living artists. To this end, A10 may issue, upon request, free of charge, a document-in-proof in accordance with the model provided by Annex 5 of the Government Decision 518/2004 on the approval of the methodological norms regarding temporary or permanent export of movable cultural goods.

34. Should there be a difference between the online version of the Auction Rules and the version included in the printed auction catalogue, the online version prevails, presumed to be more up-to-date at the time of the auction. Similar, regarding the auction catalogue, additions and corrections of lot descriptions and bidding conditions of the printed version may occur in the online version, the latter prevailing. Also, prior to the auction session, the auctioneer might announce, in the saleroom (and live on Artmark Live), changes, additions and corrections to lot descriptions and bidding conditions, which prevail over those in the printed version of the catalogue.